UCC Secured Transactions: Documenting and Perfecting Security Interests, Navigating Competing and Hidden Liens
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss requirements for security documentation, UCC rules for perfecting the security interest, and the pitfalls encountered with competing liens and hidden liens that may trump the lender's lien priority.
Outline
- Security documents
- Security agreement: relevant language
- Description of the collateral
- Perfection of the security interest
- Perfection by filing
- UCC 1 financing statement, Article 9 requirements
- UCC 3 amendment or termination statement: lessons from Motors Liquidation
- Rules for trusts
- Perfection by filing
- Priority and other liens
- Competing liens: PMSIs and contractual subordination
- Hidden liens
Benefits
The panel will review these and other key issues:
- What were the fundamental changes in the UCC Article 9 amended rules related to filing financing statements?
- What are the rules for perfecting a security interest, and what pitfalls can the lender encounter?
- What are the lessons from the lender's loss of priority in some recent court decisions?
- What due diligence can counsel for senior secured lenders conduct to help identify the presence of existing secret or competing liens?
Faculty
Edwin E. Smith
Partner
Morgan, Lewis & Bockius
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies,... | Read More
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies, and international transactions. He is particularly knowledgeable on commercial law and insolvency matters, both domestic and cross-border. His representations have included those in major bankruptcies including Lehman and the City of Detroit. Mr. Smith often advises financial institutions on documentation and risk management issues.
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Steven O. Weise
Partner
Proskauer Rose
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those... | Read More
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.
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Jeffrey A. Wurst
Attorney
Bodner Law
For nearly 40 years, Mr. Wurst has been a nationally recognized leader in the commercial finance community where he has... | Read More
For nearly 40 years, Mr. Wurst has been a nationally recognized leader in the commercial finance community where he has represented large and small banks and commercial lenders as well as family-owned businesses providing sound advice and counselling on both legal and business matters. He is widely recognized for his hands on representation in commercial finance and bankruptcy matters. Mr. Wurst is skilled in his handling and supervising of complicated as well as routine debt finance transactions and is regularly called upon to handle loan workouts, asset-based lending, factoring, syndications, leasing and C&I, as well as bankruptcy matters, and turnaround situations stemming from transactions. He is called upon to provide advice to emerging finance companies. Mr. Wurst has spent a lifetime representing lenders and borrowers in both federal and state insolvency proceedings, including debtor-in-possession financing, disputed use of cash collateral, assignments for benefit of creditors and secured party sales under Article 9 of the Uniform Commercial Code. He is a fellow of the American College of Commercial Finance Lawyers and a panelist on the American Arbitration Association’s National Roster of Arbitrators.
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